Member Info for breaktwister

For further clarification on my last point, OMI have worded their RNS's very carefully to say that MMA had "an interest in 51%", well that interest does not last forever, the contract says it needs to be realized (by way of new JV and P2 start) within 90 days of P1 end! OMI have a slam dunk case to tell MMA to f off and this is what they should have done 18 months ago. Now, they have backed themselves into a corner by doing nothing for so long and burning through all their cash on director salaries.

Moo, we agree on some things but not all. "The whole point of Omi buying MMA is this is the quickest and most efficient way of ripping up the agreement." - I do not agree. An email letter stating that they are not progressing to P2 is the quickest/easiest.

"Eventually if the LOI does not go through, then the new company would have to be formed.". After P1 MMA had a choice - do they wish to stop work on the project and walk away with nothing, no rights or obligations on either party, or do they wish to progress to P2 which comes with various rights and obligations (including 4 year exploration spend of $20m). MMA lied by sending a notice of intent to progress to P2, paid $2m as part of this, then backed out before actually progressing. It is clear to me, and I am a legal expert and have advised OMI for free on this which they ignored, that MMA have in fact choosen NOT to progress to P2 and must therefore walk away with no rights or obligations on either party.

"After phase 1 MMA do have a 51pc hold on Anza" - no, they had a "right to enter into a new JV agreement under which they would own 51% subject to further obligations" and they have choosen NOT to exercise this right as I have explained many times before and clarify again above.

I would add we should be in P2 Year 2 now if the contract had been enforced. What that would mean is that OMI could be spending $4m per year for the next 4 years plus a PEA and bill MMA for it all. MMA did not want this but still wanted to pretend they own 51% (which they do not). It is criminal that Dumb and Dumber agree with them and shaft OMI shareholders in the process.

Moo, incorrect, thereis no clock running on P2 as it was never entered into. P2 is only entered into by way for forming a new JV company of which MMA own 51% and OMI (via Minera Azna) own 49%. OMI would then transfer the Anza licences to the new JV company and that starts P2. IT NEVER HAPPENED! This forms part of my various rants on this board regarding enforcing the contract which stated that P2 must begin within 90 days of P1 completion.

It has been completely mismanaged, with Dumb and Dumber acting in MMAs interests and it seems upon MMAs instruction, rather than act on behalf of OMI shareholders.

Karl, any new partner is a completely separate matter to the MMA exit. I would love to see it, as if we do not get a JV we will be diluted to nothing. My ranting is over for today. GL all.

Moo, they have not replied to me for some time. I raised an FCA complaint last year, and had to tell them I was doing so to formally give them a chance to resolve and they ignored that also. The FCA route is a joke as it is completely opaque, they basically say "we will not tell you if we decide to take any action".

I'll offer again to lead a shareholder action against these clowns before we are diluted down to nothing. We need 5% to raise a notice to sack all existing directors (I have over 1%) and whoever is involved will need to go to the GE in person and vote it through. You will also need to write to your broker asking them to support the motion on your behalf to get it tabled at the next GE. I think we can call an emergency GE if we have over 5% support (not sure on this, will need to check).

Is there still a telegram group? I'd rather not put my details on a public facing website

No, I have written the investment off. What has been a real eye opener for me is that AIM is essentially unregulated. The FCA do not give a f, so who is in charge of AIM really? I for one will not be investing in any AIM stock ever again when there is no governance at all over the fraudulent raising of funds via this exchange.

I agree with Johnstoneo. The fact of the matter is that OMI raised funds from the public marketplace on the back of an Exploration Agreement that they refuse to adhere to. Their reason for refusal "that they are afraid that MMA might take legal action" is not a good enough reason to let MMA do as they please. OMI only had two legitimate options 1) MMA walk with nothing 2) MMA enter into P2 and if they did not wish to do this then the default position is walking with nothing. So that is the criminal action - OMI should have told MMA that they are OBLIGATED to their shareholders to enforce the contract.

Secondly, and this is not criminal, just another very very poor decision - but who da f told Brad that "purchasing MMA is the quickest and easiest way to resolve"? I am sure Dumb or Dumber didn't come up with this themselves. I would wager MMA did. It is nonsense ofc, the matter could have been resolved in a single email/letter. I wonder how much OMI is burning on legal/accountancy fees to carry out due dilgence for a complex takeover, to figure out what exactly they are buying, if MMA has any commitments elsewhere etc.

A farce and I have now written off my investment here and to my first point, believe I have been de-frauded. And we shareholders continue to pay for the delay . Shocking.

Does anyone know when the Anza licences expire/due for re-application? I seen the dates somewhere before but cannot find them on the OMI website. Maybe on SEDAR? I am busy today or I would hunt on SEDAR myself,.

The more I think about it, the angrier I am that we, the OMI shareholder will pay for the last 2 years delay via dilution to DO NOTHING PRODUCTIVE. Just to pay Dumb and Dumbers salaries. It appears we are Dumbest for investing here. OMI should be telling MMA to pick up ALL costs relating to this delay. The contract is clear, Phase 1 to Phase 2 carried a 90 day window, for OMI to let this drag out like for so long without putting any pressure, or ultimatum, onto MMA is at best atrocious, at worst, breach of fiduciary duty to OMI shareholders.

I know what your point is Wolf but I had to correct your inaccurate statement that I have been advocating for OMI to take legal action. And it is irrelevant what MMA want or "will allow" only the contract terms are relevant in law and MMA have no case - none. This would be a slam dunk win for OMI to defend any action and what then for Newmont and Agnico - how embarrasing for them to have in fully view of the public that they tried to bully a tiddler - who would contract with them again, they could say goodbye to their pipeline of junior discoveries. OMI could have played this line and this would have been the best line to play IMO. All speculation of course, none of it matters as Dumb and Dumber have made it clear they just do what MMA tell them to do, regardless of impact on OMI shareholders.

Wolf, at least be accurate, not once have I advocated for OMI to take legal action. Not once.

Sharetrader, why do you feel the need to post utter nonsense again and again. Firstly there is not a "zero chance" of ousting the Board, I have outlined the process to make it happen. It will need around 10 of us to want it, and to get our respective brokers to submit the resolution or to give us the share certificates in our names for us to do it. Secondly, you are fond of claiming that everything is "outside our boards control" which is nonsense, the whole point of them being there and collecting salary is to deal with matters like this, a serious breach of contract leading to 2 years of costs for OMI - they should be asking MMA to pay their salaries not diluting OMI shareholders with raises. But ofc you think "there is nothing poor Dumb and Dumber can do about it" a ridiculous position.

Legal, that would be MMA deciding to take legal action which would be highly unlikely 1) their case is garbage 2) no junior would ever contract with them again. MMA have significantly more to lose than OMI. The price tanked anyway if you hadn't noticed, at least my way OMI would have had the project back drilling Pepas last summer.

I have never had to do this before and a guess many haven't but I would be interested in action to vote these clowns out. I have made a significant investment and will not watch it go to zero while doing nothing. As best as I can make out, a shareholder group of over 5% can hold a resolution at an AGM (sack all of the directors) and then to confirm that resolution it would be by way of voting by raising hands at the AGM which needs 51% to pass. So if we had 10 or so of us together with 5% holdings all willing to go to an AGM we can get the clowns out on their ear. Is there a telegram group still going?

Isleworth, this is from OMIs website: Phase 1 – a four year option period whereby Minera Monte Aquila must spend $10m in qualifying expenditure on the project and make $2m in option payments to Orosur.

At the end of this stage, should all obligations be met – Minera Monte Aguila would have the right to enter in a formal JV with Minera Anzâ, with an initial 51% equity position. Minera Monte Aguila would be required to make a payment of $2m to Orosur upon its decision to move to Phase 2.

"MMA would have the right to enter into a formal JV with OMI (via Minera Anza)" and they have choosen NOT to do that - so what do they have? (answers on a postcard please)

Isleworth, MMA do not own 51% of anything and they are not a majority shareholder of OMI. Read the RNS's closely, they all refer to an "ownership interest", interest being the key word which means "entitlement". I am very tired of OMI at present so do not feel like explaining the mess that they allow themselves to be entangled in through negligence in enforcing the Exploration Agreement. I will say it one last time, MMAs entitlement was extinguished upon their failure to enter into Phase 2 as per the prescribed terms and timelines. OMI have ignored that for some bizarre reason (Brad and Louis are either dumb, got poor legal advise, or are in MMAs pocket to act in MMAs interest rather than OMI shareholders. I really do not know what the reason is).

What I would suggest is emailing OMI and asking them who holds the Anza exploration licences. OMI own them 100%.

Legal, Impec, you have been around long enough to remember me posing the same question of the C&M debacle (of which the Exploration Agreement did not grant MMA to right to stop the clock in such a manner). I should have sold then when it became clear that Brad did not intend to hold MMA to the terms of contract - I even reported it as fraudulently obtaining funds from the public market on the basis of a contract which they had no intention of enforcing.

Brad made a big deal many times of how it takes MMA so long to make decisions etc etc, well the solution to that is he needs to grow a pair and set some ultimatums. This recent delay for example - is it for the same reason of tardy decision-making by MMA? What has been uncovered recently that should have been uncovered earlier? SOme hidden liabilities of MMA which they thought they could pass off to OMI by telling Dumb and Dumber "hey it's the quickest and easy way".

What is Plan B if something stinky is uncovered? Why is Dumb and Dumber not giving an ultimatum to MMA that if the sale is not done by X date they can F off with 0 and OMI are happy to tell that to their lawyers also?

It is so clear that they do not give a flying f about OMI shareholders.

Arrogant mfers.

Bandit and others are hitting the nail on the head - complete and utter mismanagement. Let me pose another question which OMI should answer to shareholders (they don't reply to me anymore) - the question is, as OMI is 100% licence holder at present and all MMA have is "an interest in aquiring a percentage" what is stopping OMI taking control of operations and progressing drilling in parallel to the MMA exit terms debacle (which it is obvious to anyone with a brain would have been much easier accomplished by way of a separate exit agreement and NOT the outright purchase of MMA)?